Ministry of Tourism has revealed the acquisition fees for tourism-related projects.
Under the law of developing tourist resorts, hotels, guesthouses and marinas- acquisition fee can be charged based on the size of the land/property as well as the concepts developed by the Ministry.
Ministry also revealed that in order to charge a client acquisition fee, lease acquisition cost, size of the island/plot of land and based rate will be considered.
Under the newly released acquisition fee structure, the lowest fee is charged for islands/ plots of lands in Haa Dhaal, Haa Alif, Shaviyani, Laamu, Gaaf Alif, Gaaf Dhaal and Seenu Atoll respectively. The base rate for these atolls starts at USD 125,000. Total price for 10 hectors within these atolls is roughly around USD 1.2 Million. The highest acquisition fee has been assigned to Kaafu atoll with base rate starting at USD 600,000 per hectare, while a 10-hectare plot could cost the client USD 7 Million.
While Maldives tourism is showing no signs of slowing down, acquisition fee is one the biggest revenue generators to the Maldivian government. The recent report released by Maldives Inland Revenue revealed that the government received MVR 96 Million as land acquisition fee in the first three months of 2018.
Full details are available at the link below:
Source URL: Corporate Maldives